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Web3 & The Sandbox
This short guide provides education on basic topics related to cryptocurrency wallets, NFTs, and Web3 technology in The Sandbox.
The Sandbox is powered by the technology that is making the internet more machine readable, efficient, and decentralised.
With it, you have digital property rights over what you create and purchase, and you can integrate your property with a variety of technologies to give it greater utility.
The key to accessing this new iteration of the internet is a wallet to store records of transactions that you approve. The nature of these transactions may include:
- Connecting your wallet to an app or service
- Purchasing or exchanging a fungible token, such as a digital currency, with real world currency
- Exchanging one digital currency for another
- Purchasing or selling non-fungible tokens (NFTs) with various utilities and real world value using a digital currency
- and more
Fungible tokens, such as digital currencies, can be divided into smaller units for transactions, and they can be replaced by an equivalent token.
Non-fungible tokens (NFTs), however, have tracked data for uniqueness and scarcity and cannot be replaced by another equal part or quantity. NFTs are built on blockchain powered platforms in compliance with various token standards depending on the needed utility.
Through NFTs, users of The Sandbox benefit from true digital ownership, trading, security, immutability, and cross-platform interoperability.
The Sandbox is empowering a global community of players, creators, and owners to participate in an emerging digital economy.
Own virtual LAND and launch your own Experiences, own SAND to earn passive income and participate in governance of The Sandbox metaverse, purchase unique avatars and equipment to make your gameplay experience more fun, and use catalysts and gems to create assets for players and Experience builders.
Funds and NFTs are stored in your cryptocurrency wallet, not in your account at The Sandbox.
Wallet Types & Connection to The Sandbox
Wallets serve as a digital address to store your transaction data. You create a password to approve transactions, and you are provided a seed phrase to recover your wallet in case you forget it.
The Sandbox team will NEVER request your passwords, security keys, security questions or security passphrases. This information should always be privately secured.
Providing your wallet address is safe, as it is a public record and does not allow anyone to make transactions. You may, however, prefer sharing your wallet address privately in some support cases where we may ask for it.
When you create an account with an exchange to purchase digital currency, such as SAND, a web wallet may be created for you to handle those transactions. You will need to transfer any tokens you purchase to the wallet that is connected to your account at The Sandbox in order to use that content with our software.
You may prefer to manage your digital property using more than one wallet. For your account at The Sandbox, only one wallet may be connected at a time. You may change it, but for security reasons you may only connect a wallet to one account, ever.
Transactions on any blockchain network require your authorisation. This is also referred to as "signing" when you enter a password to approve a transaction. If you forget this information to access your wallet, you can use the seed phrase your wallet provider gave you when you created it.
Every transaction on a blockchain network includes a cost to compensate those who validate the data, which makes the technology more secure. The fee varies based on the blockchain network's congestion when the transaction is signed. Some wallets, such as MetaMask, alert you if gas fees are relatively high.
POLYGON BENEFITS VIA YOUR SETTINGS
- 10 free transactions every 28 days
- "Wrapped" gas fee so your transactions are only in SAND (avoids the need to own the MATIC currency to cover gas fees when making purchases with SAND)
On rare occasions, The Sandbox may send an airdrop with no fee, such as to resolve an issue from a user's support ticket where a manual correction is the best resolution.
In addition, some third-party services and exchanges may charge a fee when you purchase cryptocurrency through them. This information can be found in your transaction details before you sign it. Where to buy and sell cryptocurrency is fully your choice.
Learn about staking your SAND for passive income:
Learn how to move your LAND or SAND between the Polygon and Ethereum blockchain layers: